https://www.taxtmi.com/caselaws?id=206293 Under the Foreign Exchange Regulation Act, 1973, an exporter must show that all reasonable steps were taken to realise export proceeds in light of the statute's object of conserving foreign exchange. Mere correspondence with overseas buyers or their agents was held insufficient where the proceeds remained unrealised. The Court also treated the failure to seek extension of time from the Reserve Bank of India as a relevant non-compliance with the statutory scheme. On these facts, the appellant did not establish effective efforts to recover the dues, and the finding of contravention was sustained. en-us Wed, 03 Nov 2010 00:00:00 +0530 Wed, 19 Oct 2011 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206293 Under the Foreign Exchange Regulation Act, 1973, an exporter must show that all reasonable steps were taken to realise export proceeds in light of the statute's object of conserving foreign exchange. Mere correspondence with overseas buyers or their agents was held insufficient where the proceeds remained unrealised. The Court also treated the failure to seek extension of time from the Reserve Bank of India as a relevant non-compliance with the statutory scheme. On these facts, the appellant did not establish effective efforts to recover the dues, and the finding of contravention was sustained. Case-Laws FEMA Wed, 03 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206293